Why do the rich spend money on Trump's inauguration?

American businesses and entrepreneurs are making big contributions to President-elect Donald Trump's inauguration, with donations estimated to be breaking records.

Donald Trump will be inaugurated for a second term as president on January 20, 2025, and the budget for organizing the event is growing thanks to contributions from businessmen.

Mr. Trump at his inauguration in 2017

ABC News reports that the donations are on track to break Trump's 2017 record of $107 million, while pledges have already surpassed the fundraising goal of $150 million. Barack Obama's inauguration was funded by $53 million in 2009 and $42 million in 2013. Joe Biden raised $63 million in 2021. The donations are not subject to campaign finance laws.

Automakers Toyota, Ford, and General Motors announced $1 million each in donations. Ford and General Motors provided vehicles for the inauguration.

In Silicon Valley, tech giants like Amazon, Meta and artificial intelligence company OpenAI each contributed $1 million. Ride-hailing company Uber contributed $2 million, half of which came from CEO Dara Khosrowshahi’s own pocket.

Other multi-million dollar corporate sponsors include AT&T, Charter Communications, Stanley Black & Decker, Intuit, Pratt Industries, and The PhRMA.

Wall Street sponsors such as Goldman Sachs, Bank of America and digital currency exchanges Kraken and Coinbase also contributed money to the event.

Mr. Trump plans to expand US territory

According to The Guardian , Mr. Trump's second inauguration ceremony was heavily influenced by the context of business leaders trying to please the incoming administration. "Everyone wants to be my friend," Mr. Trump wrote on social media recently.

According to The Wall Street Journal , 11 companies and trade associations that announced they were suspending or reconsidering political donations after the January 6, 2021 riot at the US Capitol are now donating to Mr. Trump's inauguration fund. According to the newspaper, statements condemning the riot have disappeared from some companies' websites. "People really just want to move on. The election results are very clear," a representative of one of the companies told The Wall Street Journal .

According to reports, many influential businessmen in the US industrial and financial sectors have visited the Mar-a-Lago resort, the headquarters of Mr. Trump's transition team, or plan to go there soon to build interests in preparation for the next four years.

Source: https://thanhnien.vn/vi-sao-gioi-dai-gia-do-tien-cho-le-nham-chuc-cua-ong-trump-185241226094727887.htm